Tax Increment Financing

Rhode Island's Tax Increment Financing incentive provides financial support to development projects by rebating a portion of the new state tax revenue they generate. This financing tool helps bridge funding gaps, enabling developers to move forward with impactful projects that contribute to economic growth. Rebates may be used to cover a small portion of project costs, with exceptions for public infrastructure and utilities, or up to 75% of incremental revenue generated.

Program Benefits

Capital Support: Provides upfront capital by redirecting a portion of new state tax revenue generated by the project. 
Flexible Rebates: Rebates can cover up to 30% of project costs or 75% of incremental revenue, with exceptions for public infrastructure and utilities. 
Gap Financing: Designed to support projects that cannot proceed without addressing a financing shortfall.

Eligibility Criteria 

Financing Gap: Projects must demonstrate that they cannot be completed without the financial support provided by tax increment financing. 
Rebate Limits: Rebates may not exceed 30% of total project costs, excluding public infrastructure and utilities, or 75% of the projected annual incremental revenues. 
Project Type: Must generate new state tax revenue to qualify for a rebate. 
Application Process: Projects must apply and receive approval to access TIF support.

How to Apply

Review Program Guidelines: Ensure your project meets all eligibility requirements.
Contact Our Team: Speak with a member of the Investments team at Rhode Island Commerce to discuss your eligibility and the program’s alignment with your project goals.
Prepare Documentation: Gather necessary information, including project plans, budgets and evidence of a financing gap.
Submit Application: Complete and submit the application.

For More Information:

Need assistance with tax credits & financing?

Email the Investments Team